NZD/USD: Above-forecast New Zealand Building Permits fail to lift Kiwi


  • NZD/USD is sidelined near 0.6450 during Wednesday's Asian trading hours. 
  • New Zealand's building permits rose by nearly 36% in May. 
  • China Caixin Manufacturing PMI is seen deteriorating slightly to 50.5 in June.

NZD/USD is struggling to extend Tuesday’s gains despite the better-than-expected New Zealand macro data released at 01:30 GMT. 

The seasonally adjusted number of new dwellings consented rose by 35.6% in May, beating the forecasted decline of 0.1% by a big margin and marking a strong rebound from the 9.9% decline seen in April, official data published by Statistics New Zealand showed. 

The rising number of permits is typically considered positive for the NZD, while a low reading is seen as bearish. As such, one may be anticipating big gains in the NZD, given the data bettered market expectations by a big margin. 

So far, however, the NZD has failed to pick up a strong bid. The currency pair is currently trading largely unchanged on the day near 0.6450, having put in a session low of 0.6444 a few minutes ago. 

NZD/USD rallied by 0.53% on Tuesday, as the China government’s upbeat Manufacturing PMI figure kept risk assets better bid and the safe-haven US dollar under pressure. The Caixin PMI, which surveys the small and medium-sized export-oriented units, is scheduled for release at 1:45 GMT. A big beat on expectations my draw bids for the NZD and other commodity dollars. 

Technical levels

NZD/USD

Overview
Today last price 0.6451
Today Daily Change -0.0003
Today Daily Change % -0.05
Today daily open 0.6454
 
Trends
Daily SMA20 0.646
Daily SMA50 0.6241
Daily SMA100 0.6178
Daily SMA200 0.6326
 
Levels
Previous Daily High 0.6462
Previous Daily Low 0.6385
Previous Weekly High 0.6534
Previous Weekly Low 0.6383
Previous Monthly High 0.6585
Previous Monthly Low 0.6186
Daily Fibonacci 38.2% 0.6433
Daily Fibonacci 61.8% 0.6414
Daily Pivot Point S1 0.6405
Daily Pivot Point S2 0.6357
Daily Pivot Point S3 0.6328
Daily Pivot Point R1 0.6482
Daily Pivot Point R2 0.6511
Daily Pivot Point R3 0.6559

 

 

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